Many loan officers believe that having the lowest rates and closing costs are the way to success. Jason Evans, a loan officer in the Walpole, Mass., headquarters of Mortgage Master, also believed that was the case when he began his career. But he soon learned that the real driver to becoming a top producer is being able to offer the client a good experience throughout the origination process.
In 2014, Evans originated 135 mortgages for a combined dollar volume of $44 million — putting him
Evans has been working at Mortgage Master since September 2013. Prior to Mortgage Master, he was a loan officer at Berkshire Bank, HomeQuest Mortgage and Prime Mortgage Financial.
Responses have been edited for length and clarity.
Tell us about your most creative or successful marketing strategy. How did you come up with the idea? What were the results?
My most successful strategy is simply not overloading past clients with information. A lot of companies like to do mass email blasts daily or weekly. I don't do that. I send out relevant information on a much less frequent basis and I get a much better response that way. It allows me to take advantage of opportunities to reach out to them when it's important – like when interest rates have dropped. You can create more business that way.
What's unique about the local market you serve and what do you do to address those needs?
I work with a lot of first-time homebuyers, and the Boston market is very competitive for buyers right now because there are not a lot of homes listed for sale. So to better position my clients, I really educate and coach them on the process. We get as much paperwork done upfront as possible so that when they make their offer we are able to offer really quick turnaround times on their application [Editor's note: the answers were provided prior to the TILA-RESPA Integrated Disclosure implementation]. While other banks might be requiring 30 days for a commitment and 45-plus days for a closing, my buyers are able to say to the seller two weeks for a commitment and three or four weeks for a closing. That really helps to set them apart from the competition and get their offer excepted.
Tell us about an unusual or difficult loan scenario and what you did to ensure a successful closing.
A client came to me with their offer already accepted but they weren't preapproved for a loan and it turned out they didn't qualify. They were selling another home, so we used some of the equity from the sale of that home, which they were going to use for the down payment on the new home, to pay off enough debt to make the ratios work and get them approved. That's really unusual on a purchase; it's more common on a refinance.
What do you know about the mortgage business now that you wished you knew when you started out?
It's just as important, if not more important, to deliver a good experience to your customer and your real estate partners as much as it is the interest rate you are giving them. When I started I thought the rate and closing costs were all that mattered. While those are very important, you're going to grow your business much faster if you are able to clearly explain the process, set realistic expectations and deliver a good experience to everyone you're working with. That goes a lot further than simply offering good rates to people. You're going to get more referrals and grow your business faster.
Who is someone in your life, personally or professionally, who helps contribute to your success?
My wife, Diane, because she understands and supports the craziness and demands of this business. She really allows me to focus on doing my work and doing the best I can. Without her support I probably couldn't do my work as well.
